Tag: bitcoin

Bitcoin (₿) is a decentralized digital currency, operating without a bank or administrator. Bitcoin tokens can be sent from one user to another on the peer-to-peer bitcoin network, without outside involvement

Blockchain

All of the activity and trades that take place are verified by network nodes through cryptography which they are placed in public ledgers, also known as a blockchain.

The transactions or trades happen behind heavily encrypted hash codes across this P2P network, monitoring and verifying the transactions. To do this each user requires to have a so-called digital wallet, where these Bitcoins are stored. Each wallet holds a unique address that is used to send and receive the cryptocurrency.

Bitcoin trades

Bitcoins are created as a reward for a process known as mining. Once an individual holds Bitcoins or any other crypto tokens, then they can exchange these for FIAT currency, another name for USD, EURO or GBP. This process happens on one of the different exchange platforms available.

Bitcoin has been criticized for its use in illegal transactions, its high electricity consumption, price volatility, and thefts from exchanges. Experts go as far as to call it a bubble or speculative investment.

It doesn’t matter how you look at it, the Bitcoin value has continued to gain in value and is expected to surge even further when the next half comes during the first half of 2020.

Next half in 2020

Every block of bitcoin that is mined, those that participated in the mining gets to share the reward, a predetermined value set for each block. Its this value that will be halved during 2020, which will be the third one since its launch. It started at 25 bitcoins per block, in 2020 that value will be reduced to 6.25 per block.